External execs to control Saad's Awal, TIBC

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Bahrain's central bank, which last week took control of two lenders owned by troubled Saudi conglomerates Saad Group and Al-Gosaibi, has appointed law firms to administer the banks.

Trowers and Hamlins will lead the administration of The International Banking Corp (TIBC) while Charles Russell LLP will administer Awal Bank, the central bank said in two separate statements on its website on Sunday.

Officials at both banks were unreachable for comment as were representatives for both conglomerates.